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This helped stem the rate of decline in like-for-like sales to 2.7 per cent in the 13 weeks to March 26. This was better than the 3 per cent-plus fall expected by analysts and an improvement on the 5.8 per cent drop over Christmas.

Our performance remains unsatisfactory and there is still more we need to do

Chief executive Steve Rowe

Despite celebrity collaborations, including lingerie designed by model Rosie Huntington-Whiteley, pictured, clothing sales have risen in only one quarter over the past five years.

Rowe said: “Our performance remains unsatisfactory and there is still more we need to do. We’ve not been as stylish as we need to be. We are looking at every aspect of the business in a robust way. We are not leaving a stone unturned.”

M&S food sales rose 4 per cent as its new store opening programme performed ahead of expectation, while there was no change in like-for-like sales. Rowe said food had “outperformed” in a competitive market and had grown its market share to 4.3 per cent after the opening of 80 new outlets over the year.

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Rowe has introduced 10-15 per cent price cuts on more than 300 lines

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The price cuts are thought to have helped reduce the fall in like-for-like sales

Online and international sales were up 8.2 per cent and 3.8 per cent respectively. Peel Hunt analyst Jonathan Pritchard said: “We’ve seen countless false dawns from M&S in the past, but there is already evidence that Steve Rowe is aware there is a major brand reputation issue within general merchandise and is willing to do something about it.

“He surely won’t be so short-sighted to think that anything but a major overall in GM is required.”